- Oct 30, 2004
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I thought I'd go check out the Housing Panic blog and found a couple interesting articles.
First up, some lenders may be placing certain condo projects on blacklists. After all, who wants to loan out $300,000 for an overpriced one bedroom condo? Thus, some condo projects might become "forbidden condos" for lenders. What a concept! Hope that drives prices back down to reality.
http://globaleconomicanalysis....fect-about-to-hit.html
Next up, there's a condo project in Miami where some of the folks who had put down deposits decided to eat their losses and walk away from the project, but now they're suing the condo builder, perhaps because some of them paid more than the deposit amount. Here's a YouTube video of a local news report:
http://www.youtube.com/watch?v...ingpanic.blogspot.com/
Ever wonder what is to be done with all of the empty houses around the nation? If the banks refuse to sell them for what people are willing to pay for them, then what good are they? What if...<gasp>...the homeless moved in and started to hold homeless house parties, turning these foreclosed houses into crack houses and whatnot, starting fires and destroying the value of the homes, all because the banks were too greedy to auction off the houses? It's happening! I think it's hilarious.
http://biz.yahoo.com/ap/080217...eless_foreclosure.html
First up, some lenders may be placing certain condo projects on blacklists. After all, who wants to loan out $300,000 for an overpriced one bedroom condo? Thus, some condo projects might become "forbidden condos" for lenders. What a concept! Hope that drives prices back down to reality.
http://globaleconomicanalysis....fect-about-to-hit.html
Next up, there's a condo project in Miami where some of the folks who had put down deposits decided to eat their losses and walk away from the project, but now they're suing the condo builder, perhaps because some of them paid more than the deposit amount. Here's a YouTube video of a local news report:
http://www.youtube.com/watch?v...ingpanic.blogspot.com/
Ever wonder what is to be done with all of the empty houses around the nation? If the banks refuse to sell them for what people are willing to pay for them, then what good are they? What if...<gasp>...the homeless moved in and started to hold homeless house parties, turning these foreclosed houses into crack houses and whatnot, starting fires and destroying the value of the homes, all because the banks were too greedy to auction off the houses? It's happening! I think it's hilarious.
http://biz.yahoo.com/ap/080217...eless_foreclosure.html
I like the second because it sounds like some condos that were in cahoots with appraisers, values jacked way way up, people were paid to get a loan on it, bank through the money at the owner, people walk away (hurting their credit for a bit of cash) and the owner made tons of bank. Was that in Miami, too?
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